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neptune marine achieves maiden net profit

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    Sydney - Thursday - Feb 28: (RWE Australian Business News) -
    Neptune Marine Services Ltd (ASX:NMS) today announced a maiden net
    profit of $845,000 and a "normalised" net profit of $2.2m (ex IFRS
    adjustments) for the six months to December 31.
    The result represents a significant turnaround on the same
    period last year when the company posted a $1.1m loss.
    Revenue for the period totalled $31.7m, up sharply.
    This result was due largely to the successful completion of
    pending acquisitions and the significant growth experienced by both the
    Fabrication and Engineering divisions during the period.
    While these figures remained in line with expectations, they
    were affected by several project delays that either have been completed
    or are scheduled for completion in the second half of the year:
    * two NEPSYS projects in the Gulf of Mexico - adverse weather
    conditions and vessel availability;
    * the Apache Energy Bambra East Integrated Project - vessel
    availability - completed February 2008; and
    * completion of the Tri-Surv Geomatics acquisition that settled
    in August 2007.
    Total estimated revenue from these delays is estimated at $6.7m
    with an estimated EBIT contribution of $3.15m.


    Managing director and CEO Mr Christian Lange said the company
    remained "very much on course" to delivering its anticipated EPS of 6c
    to 7c for the full year 2008.
    "The outlook for the oil and gas sector remains robust.
    "Over $US106bn is to be spent on the global subsea market over
    the next five years, representing a 65pc increase on the previous five
    years to 2003/07.
    "This sector growth underpins our longer-term confidence and the
    fact that Neptune is operating in a high-growth market.
    "We have some excellent organic growth prospects and we continue
    to evaluate other opportunities for growth that deliver value for our
    shareholders," Mr Lange said.
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